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Overnight Markets: Internet and small-cap shares lift Wall Street

by Himanshu Singh on May 20, 2014 at 03:39

Overnight Markets: Internet and small-cap shares lift Wall Street

Wall Street gained on Monday as a rally in Internet and small-cap shares extended a rebound from losses last week.

The Dow Jones industrial average rose 21 points, or 0.12%, to end at 16,512. The Standard & Poor's 500 Index gained seven points, or 0.38%, to finish at 1,885. The Nasdaq Composite Index shot up 35 points, or 0.86%, to close at 4,126.

High-growth "momentum" stocks gained the most, with TripAdvisor Inc (TRIP.O) up 5.2% and Netflix Inc (NFLX.O) up 4.2%. Vertex Pharma (VRTX.O) gained 3.4%.

The Dow's gain was limited as AT&T Inc (T.N) fell 1% a day after the US phone company agreed to buy DirecTV (DTV.O), the No. 1 US satellite TV provider, for $48.5 billion. DirecTV shares fell 1.8%.

US-listed shares of AstraZeneca (AZN.N) plunged 12% after the British drugmaker rejected a "final" merger offer from Pfizer (PFE.N). Shares of Pfizer rose 0.6%.

Campbell Soup Co (CPB.N) fell 2.4% and after the world's largest soup maker posted weaker-than-expected quarterly sales and cut its full-year sales forecast.

After the market closed, Urban Outfitters Inc (URBN.O) fell 4.3% after the teen apparel retailer reported its first-quarter results.

Johnson Controls Inc. surged 4.3%, its biggest gain since 21 November. The largest US auto-parts maker announced a plan to spin off its automotive-interiors business into a joint venture with China’s Yanfeng Automotive Trim Systems Co.

The US Federal Reserve will release on 21 May minutes from its latest meeting. Policy makers said last month the economy is showing signs of picking up and the job market is improving.

In Asia, shares oscillated between gains and losses on Tuesday in morning trade as information technology companies climbed and raw-material shares led declines.

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